Compass Investments

$SPX

The Solana-based memcoin, according to an experienced crypto trader, is preparing to break all-time highs.

- A well-known crypto analyst and trader predicts that one Solana-based memcoin (SOL) is about to update all-time highs.

analyst known as Bluntz told his 320,800 followers on social network X that the #Spx6900 (SPX) memcoin appears to have completed an ABC correction on the eight-hour chart, indicating that the coin has reached a bottom.

Blantz is sticking to the Elliott Wave Theory, according to which the asset is ready to rise after the completion of the ABC correction. Perfect #SPX pullback after the first test of the previous all-time high, the next test, in my opinion, with a breakdown, and it's still one of the best charts [with] a market capitalization of less than $ 1 billion, in my opinion.

Based on the chart, the trader expects the SPX to rise to $ 2.10.

At the time of writing, SPX is trading at $ 1.47, up 17.5% in the last 24 hours.

analyst is also positive on artificial intelligence (AI)-focused crypto project ai16z (AI16Z). According to Blantz, the altcoin seems to be entering an uptrend after retesting the Fibonacci retracement level at $ 0.16.

traders use the Fibonacci retracement tool to identify potential entry and exit points based on Fibonacci ratios.

"Long ai16z is here again, last week was early but looks like a strong reaction from 0.78 fib here and still looks like a clear five up followed by an abc retracement. Expect new highs above $ 0.45. "

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